Feb 10 – U.S. stock futures dropped slightly on Monday as investors reacted to President Donald Trump’s announcement of new tariffs on global steel and aluminum imports. This move comes amid growing uncertainty over trade policies.
Futures for the S&P 500 (ES=F) fell 0.2%, Dow futures (YM=F) dropped 0.1%, and Nasdaq futures (NQ=F) declined by 0.2%. Trump’s decision to impose a 25% tariff on all steel and aluminum imports, set to take effect on March 4, includes countries such as Canada and Mexico, the U.S.’s top suppliers of these metals. Both nations are working to secure deals to avoid additional tariffs due on March 1.
Tech Stocks Struggle Amid Weak Earnings
In the tech sector, concerns over AI spending continue to weigh down investor confidence. The so-called “Magnificent Seven” — Amazon (AMZN), Google (GOOG), Apple (AAPL), Nvidia (NVDA), Microsoft (MSFT), and Tesla (TSLA) — have all faced losses following weak earnings reports in recent weeks. Meta (META), however, stands out, showing double-digit gains this year.
Meta also made headlines on Monday as it began laying off workers. As part of CEO Mark Zuckerberg’s plan to streamline operations and focus on AI talent, around 3,600 employees, or 5% of the company’s workforce, are expected to be let go.
Coffee Prices Soar Amid Supply Concerns
In commodities, coffee futures surged 6%, hitting an all-time high of over $4.30 per pound. Panic-buying, low yields, and high demand have led to a 35% price increase this year. Supply concerns are exacerbated by Brazil and Vietnam, the world’s largest coffee producers, who are not expected to increase output until 2026.
Earnings Reports on the Horizon
On Tuesday, Coca-Cola’s earnings are expected to show growth as it competes with PepsiCo. Wall Street anticipates Q4 revenue of $10.67 billion and earnings per share of $0.52.
Super Micro Computer (SMCI), Lyft (LYFT), and DoorDash (DASH) are also set to report earnings on Tuesday, with Wall Street keeping a close watch on their financial results.
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